Method and system for auctioning assets and valuing same

ABSTRACT

A method and system for conducting, managing and executing over a communication network, an auction of claims or assets to buyers having expressed interest in purchasing claims or assets is presented. The method includes placing an indication of the availability of at least one of said assets at a remote site, wherein said indication is accessible by each of said buyers over said network, notifying at least one buyer predeterminedly expressing interest in items contained within said claims or assets of the availability of said at least one claim or asset, determining a market value of said at least one claim or asset based on historical data of same or similar claims or assets, dynamically adjusting the market value, conducting an interactive bidding process, notifying one of the bidding buyers of acceptance of a corresponding bid when said bid satisfies predetermined criteria, and recording the accepted bid.

RELATED APPLICATIONS

This application is a continuation of copending U.S. patent applicationSer. No. 11/811,471, entitled “METHOD AND SYSTEM FOR AUCTIONING ASSETSAND VALUING SAME”, filed Jun. 11, 2007, which is a continuation of U.S.patent application Ser. No. 10/034,151, now U.S. Pat. No. 7,249,089,entitled “METHOD AND SYSTEM FOR AUCTIONING BANKRUPTCY ASSETS AND VALUINGSAME”, filed Dec. 27, 2001, which claims the benefit of U.S. ProvisionalApplication No. 60/259,263, entitled “Method and Computerized System forBuying, Selling and Auctioning of Bankruptcy Claims and Other Choses InAction”, filed Dec. 29, 2000, the entire contents of all of which areherein incorporated by reference for all purposes.

FIELD OF THE INVENTION

This invention is related to auction methods and systems, morespecifically to a process for automating, managing, valuing andexecuting auctions of assets.

BACKGROUND OF THE INVENTION

It is believed that the market size of bankruptcy claims trading isapproximately $25 billion per year. However, bankruptcy claims tradingis known and performed by a relatively small number of sophisticatedbuyers that understand and follow bankruptcy filings. A conventionalbankruptcy process involves one or more buyers monitoring cases filed inthe U.S. Bankruptcy Court, in which the buyer has expressed an interest.The buyer may then contact the sellers of the asset(s) of the bankruptorganization at key information points. The buyer and seller maynegotiate a price for the assets or a bankruptcy trustee may order asale of the assets, for example, through an auction, to obtain thehighest price a buyer may be willing to pay.

Depending on the sophistication of seller and their credit exposure,there is often little or no information regarding a fair market price ofthe bankruptcy asset(s). Similarly, there is no established method for abuyer to determine a fair market price of the bankruptcy assets.Difficulty in determining a fair market value for claims and a limitedtrading community further hinders the auction process. Hence, in anauction of bankruptcy assets a seller may not know whether the valuereceived is too low and, correspondingly, a buyer may not know whetherthe price paid is too high.

Hence, there is a need for a method and system that creates an effectiveenvironment for trading in the sale of bankruptcy assets which can alsodetermine a valuation of bankruptcy assets based on previous or similarsales and/or transactions.

SUMMARY OF THE INVENTION

A method and system for conducting, managing and executing over acommunication network, an auction of at least one claim or asset inbankruptcy to a plurality of buyers having expressed interest in itemscontained within the claims or assets, is disclosed. The auction methodcomprises, placing an indication of the availability of at least one ofthe assets at a remote location on the network wherein the indication isaccessible by each of the plurality of buyers over the network,notifying at least one of the plurality of buyers predeterminedlyexpressing interest in items contained within the claims or assets ofthe availability of the at least one claim or asset, determining amarket value of the at least one claim or asset based on historical dataof same or similar claims or assets, dynamically adjusting the marketvalue based on known factors, receiving bids from at least one of theresponding buyers, notifying one of said at least one bidding buyers ofacceptance of a corresponding bid when the bid satisfies predeterminedcriteria and recording said accepted bid.

BRIEF DESCRIPTION OF THE FIGURES

The advantages, and nature, and various additional features of theinvention will appear more fully upon consideration of the illustratedembodiments now to be described in detail in connection withaccompanying:

FIGS. 1 a-1 e collectively illustrate a block diagram of an exemplarybankruptcy auction process in accordance with the principles of thepresent invention;

FIG. 2 illustrates a block diagram of an exemplary process for valuingbankruptcy assets in accordance with the principles of the invention;

FIG. 3 illustrates a flow chart of an exemplary process for valuingbankruptcy assets in accordance with the principles of the presentinvention; and

FIG. 4 illustrates an exemplary system for valuing and auctioningbankruptcy assets in accordance with the principles of the invention.

It is to be understood that these drawings are solely for purposes ofillustrating the concepts of the invention and are not intended as alevel of the limits of the invention. It will be appreciated that thesame reference numerals, possibly supplemented with reference characterswhere appropriate, have been used throughout to identify correspondingparts.

DESCRIPTION OF THE PREFERRED EMBODIMENT

FIGS. 1 a-1 e collectively illustrate a bankruptcy auction process, asviewed from the perspective of a buyer, for trading of bankruptcy assetsin accordance with one aspect of the invention. Although, not shown ordiscussed in detail, it would be understood that a process, as viewedfrom the perspective of the seller, may similarly be initiated inaccordance with the principles of the invention. Hence, a process ofvaluing and auctioning assets as viewed by a seller is contemplated tobe within the scope of the invention.

FIG. 1 a illustrates an exemplary bankruptcy filing processing inaccordance with principles of the present invention. In thisillustrative process, upon a bankruptcy filing 10, a list of creditors20 (i.e., creditor schedule) is supplied to a bankruptcy court. Creditorschedules maybe obtained directly through the court from a claimadministrator, either as hard copy or electronically. The data containedwithin creditor list 20 is then stored in a data store for creditorinformation 40. Data store 40 may be a database or similar datacollection device, which may be used to identify and store informationregarding creditors. A subset of the data within creditor list 20 storedin the data store 40 is generated using filtering to populate aschedules database 50 that is used to analyze financial and market datato potential buyers and determine likely timing of amounts ofdistribution.

Identification of potential buyers 60 is then made based on factors,such as previous purchasing behavior, industry links, buyerpredetermined preferences, market research, etc. Buying preferences, asstored in database 50, of each potential buyer 60 is then matchedagainst select marketing criteria 70. Although the illustrative examplediscusses the use of database 50 for determining correspondingpreferences of potential buyers, it would be appreciated that list ofpotential buyers 60 may also be matched against preference data store indatabase 40.

FIG. 1 b is representative of a continuation of an exemplary bankruptcyasset auction process in accordance with the principles of the presentinvention. In this illustrative continuation of the asset auctionprocess, at block 80 an appropriate notification method for each of thepotential buyers meeting or matching criteria 70 is made. Thenotification method may be determined in accordance with, and responsiveto, buyer predetermined or preferred methods or settings, which may bestored on data store 40 or schedule database 50. For example, buyers maypre-store preferred methods of notifications such as the illustratede-mail notification 90, letter 100 or phone call 110. However, it wouldbe appreciated that other notification methods may be utilized and arecontemplated. A response from a notified matched buyer is then awaitedat block 120. Responses may be in the form of a return phone call 140 ordirect to site 150 such as communication over a network, e.g., Internet.A list of each responding buyer is then maintained.

FIG. 1 c is representative of a continuation of an exemplary bankruptcyauction process in accordance with the principles of the presentinvention after a buyer response is received. At block 160, adetermination is made whether the responding buyer is a registeredclient or member. If the respondent is not a registered client ormember, then a request is made at block 170 for the buyer to register.Registration processes are well known in the art and need not bediscussed in detail herein. After registration, a buyer may, at block180, establish preferences regarding, for example, the types of assets,claim amounts, bid limits, etc., that the buyer has an interest. Aregistered buyer client or member may also predeterminedly establishmethods of notification. The buyer's predetermined or preferredinterests and notification method may then be used to inform aregistered client or member of subsequent auctions having similarassets. Assets within database 50 (and/or data store 40) may then beidentified, at block 180, using an identification number, for example,using corresponding to the buyer's preference 175. Although FIG. 1 crepresents a preferred embodiment, it would be appreciated that theprocess disclosed is not limited to only registered client or memberbuyers but may include unregistered buyers also.

FIG. 1 d is representative of a continuation of an exemplary bankruptcyauction process in accordance with the principles of the presentinvention. In this continuation of the auction process, an inquiry 200is made regarding whether an asset/potential buyer match has beendetermined. If the answer is in the negative, then a notification isprovided to the seller at block 210 to indicate no buyers have beendetermined that are interested in the assets. In another aspect of theinvention, if a buyer expresses interest in buying a claim or asset butno matching claim or asset is available, the system preferablyautomatically begins searching for other claims from other sellers basedon historical behavior or preferences of the buyer.

However, if one or more assets/buyers have been determined to exist, adetermination is made, at block 240, whether a market value for theassets is available. If a market value is available then this value isprovided to the potential buyers that have been matched to the assets,at block 260.

If, however, a market value is not available, then an inquiry 250 ismade to determine whether a market value and/or asset score should bedetermined. If the answer is in the negative, then process continues atblock 280.

If, however, the answer is in the affirmative, a market value and/orasset score is determined at block 270. As will be explained in moredetail with regard to FIGS. 2 and 3, a market value may be determinedusing historical value data for same or similar assets. In one aspect ofthe invention, an average market value may be determined as the averagevalue of same assets previously sold or bidded upon. In another aspectof the invention, an average market value may be determined as aweighted average value of same and similar assets previously sold orbidded upon. In another aspect, a weighted unit asset value may bedetermined as the average value of a weighed average value. A marketvalue may be determined from a determined weighted unit asset augmentedby the number of unit assets available. In still another aspect of theinvention, the weighting factors may be predeterminedly set at an equalvalue and then dynamically adjusted to create a greater weight orinfluence of one factor over another.

Asset score may be determined using a methodology similar to thatdisclosed in co-pending U.S. patent application Ser. No. 09/676, 391,now U.S. Pat. No. 7,343,308, filed Sep. 29, 2000, entitled “An ImprovedMethod and System for Indemnifying Subrogation Potential and Valuing aSubrogation File,” the entire disclosure of which is hereby incorporatedby reference.

An inquiry 280 is made to determine whether there are sufficient claimsor assets available to satisfy the buyers needs.

Although not shown, it would be appreciated that the auction process maythen begin wherein each of the potential buyers 60 may place one of morebids for the purchase of the claims or assets subject to the bankruptcyproceedings. The bidding is completed by either the expiration of theduration of the auction process or when no additional bids are received.At the conclusion of the auction process, a reconciliation of the fundsdue the seller and the owed by the buyer may occur.

FIG. 1 e is representative of a continuation of an exemplary bankruptcyauction process in accordance with the principles of the presentinvention. In this continuation of the illustrative auction process, ifthere are sufficient assets or claims to meet the buyers needs which areconsistent with the buyers established criteria or preferences, then abuyer transaction is initiated at block 290. In one aspect of theinvention, a buyer transaction may include a confirmation of acceptanceof the highest bid price. In another aspect of the invention, a buyertransaction may include dynamically grouping like-claims from one ormore cases of bankruptcy claims or sellers to meet the needs of thebuyer. Bids and subsequent sale price are then stored, at block 292, toprovide data for subsequent determination of market value for same orsimilar assets.

If, however, there is an insufficient number of claims or assets thatsatisfy the buyer's needs, then a determination is made at block 295whether the available claim or asset volume is greater than the buyer'sneed. If the determined claim or asset volume is greater than thebuyer's needs, then the claims or assets are reviewed at block 297 todetermine whether the amount of claims or assets can be divided orapportioned into smaller groups or amounts. If the answer is in theaffirmative, then a buyer's transaction is initiated at block 290. Bidsand subsequent sale price are then stored at block 292, to provide datafor subsequent determination of market value for same or similar assets.If, however, the answer is in the negative then a seller notificationprocess is initiated at block 299. The seller notification process mayinform the seller of the buyer's need. The seller may then injectadditional claims or assets into the auction process to satisfy thebuyer's needs. Bids and subsequent sale price are then stored at block292 to provide data for subsequent determination of market value forsame or similar assets.

If however, the claimed value volume is less than the buyer's needs,then a seller notification process is initiated at block 299. Bids andsubsequent sale price are then stored at block 292 to provide data forsubsequent determination of market value for same or similar assets.

FIG. 2 illustrates a block diagram 300 for determining a marketvalue/asset score of an asset in accordance with the principles of theinvention. In this illustrated example, each asset is valued orcharacterized based on claim or asset attributes such as claim size,debtor, creditor, etc. at block 310. Asset value or characterization isalso affected, or adjusted, by factors such as market price, buyerpreference, etc. In one aspect of the invention, a simple average assetvalue when each previously bidded upon or sold claim or asset is thesame the current claim or asset. In another aspect of the invention, aweighted average may be used when previously bidded upon or sold claimsor assets are the same as, or similar to, the current claims or assets.A formulation of a market value may further consider factors such astype of industry, asset ratio, asset location, creditor, credit rating,claim value, asset class, disputed or not disputed claim, the nature ofthe claim and the claim amount, etc. At block 320 an asset score isdetermined using known arithmetic functions or operations. For example,asset score may be determined by translating an asset or market value,wherein the asset score may be in a range of zero-100. At block 330,determined market values/assets scored are ordered according to buyerpreferences and claimed value.

FIG. 3 illustrates a flow chart of an exemplary process 350 fordetermining a market value/asset score of one or more bankruptcy claimsor assets. In this exemplary process, historical data regarding previoussales, offers, bids and/or distributions of the same or similar claimsor assets to those claims or assets currently in bankruptcy proceedingsare collected at block 355. Similar assets may be selected based on thetype of asset, general category of asset, etc. For example, if the claimor asset in bankruptcy were one or more cars, then type of assets may beselected from cars having similar characteristics, such as model andyear, engine size, price range, etc. Further, the type of asset may beselected from similar American, European or Japanese cars having similarcharacteristics. General category of asset may include selection ofcars, sport utility vehicles, trucks etc., which are included within asimilar range of price, model year or mileage. As would be appreciated,a similar type or category of asset may be determined for each bankruptasset.

At block 360, a determination is made regarding a suggested base marketvalue of the bankrupt claim or asset. In one aspect of the invention, abase market value may be determined by formulating an average value ofhistorical sales, and/or offers and/or distributions of the same asset.In another aspect of the invention, a base market value may bedetermined by formulating a weighted average value of historical sales,and/or offers and/or distributions of the same and similar assets. Inthis aspect of the invention historical sales, offers or distributionsof a same asset is weighted more than historical sales, offers ordistributions of similar types or categories of assets. Returning to theexample of the bankrupt asset being one or more cars, historical salesof the same make and model car may be weighted more or provided greaterinfluence than historical sales of makes and models from the samemanufacturer, which is weighted more or provided greater influence thanhistorical sales of similar or comparable makes and models of differentmanufacturers, etc. Weighted averages are well known in the art.

At block 365, an adjustment to the determined market value is determinedbased, for example, on the type goods, the location of the goods, theduration of the bankruptcy sale, announcements regarding the bankruptee,the court or competitors, the seller's need, the buyer's credit etc. Anadjustment may decrease the determined market value of seasonal goods,such as clothing being sold outside the season of their use. Similarly,a market value of goods located in a region that is not suited for theiruse, e.g., snowblowers in Florida, may also be reduced. Decreases in themarket value may similarly occur for perishable goods that are on salefor a period substantially similar to their expiration date.Announcements by the U.S. Bankruptcy Court, for example, in forcing asale may further reduce the determined market value. Similarly, anannouncement by a competitor or a similar business entity regardingearnings, market forces, etc., may present the potential of similarassets being made available and consequentially affecting the determinedmarket value. As would be appreciated, positive adjustment to adetermined market value may also be determined.

At block 370 a determination is made whether an asset score is to bedetermined. If the answer is in the affirmative, than an asset score isdetermined at block 375. As previously discussed an asset score may bedetermined using a methodology similar to that disclosed in co-pendingU.S. patent application Ser. No. 09/676,391.

FIG. 4 illustrates an exemplary embodiment of a system 400 that may beused for implementing the principles of the present invention. System400 includes one or more sources 410, one or more input/output devices443, a processor 446 and a memory 404. Source(s) 410 may representcommunication devices, such as computers, laptops, modems, servers,telephones, facsimile machines, photocopiers, etc., that have access tobankruptcy court filings or claim administrator filings, which may bestored on databases 59 (40). Source(s) 410 may alternatively be incommunication with one or more network connections for receiving datafrom a server or servers over network 420, e.g., a global computercommunications network such as the Internet, a wide area network, ametropolitan area network, a local area network, a terrestrial broadcastsystem, a cable network, a satellite network, a wireless network, or atelephone network, as well as portions or combinations of these andother types of networks.

Input/output devices 430 may be in communication with network 420 or maybe in direct communication with input source 410. I/O devices 430provide means for entering data into, and transmitting data from,processor 443 and memory 446. Data received by I/O devices 430 may beimmediately accessible by processor 443 or may be stored in memory 446.As will be appreciated, I/O device 430 may also allow for manual input,such as a keyboard or keypad entry or may read data from magnetic oroptical medium (not shown).

I/O devices 430, processors 443 and memory 446 may be in directcommunication or in communication over medium 445, as shown.Communication medium 445 may represent, for example, a bus, acommunication network, one or more internal connections of a circuit,circuit card or other device, as well as portions and combinations ofthese and other communication media.

Data from the source(s) 410 received by I/O devices 430 is processed inaccordance with one or more software programs operable to perform thefunctions illustrated in FIGS. 2 and 3, which are stored in memory 446and executed by processor 443. The output of processor 443 may then betransmitted over network 450 to output devices 460.

In a preferred embodiment, the coding and decoding employing theprinciples of the present invention may be implemented by computerreadable code executed by processor 443. The code may be stored in thememory 446 or read/downloaded from a memory medium such as a CD-ROM orfloppy disk (not shown). In other embodiments, hardware circuitry may beused in place of, or in combination with, software instructions toimplement the invention. For example, the elements illustrated hereinmay also be implemented as discrete hardware elements. As would beappreciated, processor 443 may be means, such as general purpose orspecial purpose computing system, or may be a hardware configuration,such as a dedicated logic circuit, integrated circuit, ProgrammableArray Logic (PAL), Application Specific Integrated Circuit (ASIC), thatprovides known outputs in response to known inputs.

According to a preferred embodiment of the present invention, onlyregistered clients or members are permitted to submit a bid related toone or assets in bankruptcy, after being notified of the availability ofthe asset. To bid, a member may access or view a centralized area at aremote location, such as an Internet webpage that contains one or moreassets that are available for sale or auction and which the buyer hasexpressed an interest. The potential buyer may also review informationregarding the asset or assets available. The member may then click on anindicator, e.g., a “Bid” box, to enter an amount. The member may then beprompted to enter a user name and password and then be instructed toclick on a second indicator, e.g., a “Submit” button. A bidding memberor user should be sure to have read the item description thoroughlybefore placing a bid as it is a contract to buy the item that in apreferred embodiment cannot be revoked.

Auctions, and/or claims or assets within an auction, may be identifiedusing an asset listing ID number. This identification can also beadvantageously used to match due diligence materials with the correctasset.

According to one form of the present invention, there are three possibleoutcomes of an auction: 1) the asset is sold to the highest bidder, 2)the asset is not sold because no bids were placed, or 3) bidding did notmeet the seller's reserve price or minimum acceptable bid. The sellermay consider completing the sale by accepting the highest bid. In eithercase, the bids and/or sale prices are stored for subsequentdetermination of same or similar assets.

Although the invention has been described in a preferred form with acertain degree of particularity, it is understood that the presentdisclosure of the preferred form has been made only by way of example,and that numerous changes in the details of construction and combinationand arrangement of parts may be made without departing from the spiritand scope of the invention as hereinafter claimed. It is intended thatthe patent shall cover by suitable expression in the appended claims,whatever features of patentable novelty exist in the inventiondisclosed.

1. A computer-implemented method for conducting over a computercommunication network, an auction of at least one subrogation claim to aplurality of potential bidders, said method comprising: storing by aprocessor on a hardware server connected to said computer network anindication of the availability of the at least one subrogation claim forbid and a market value of the at least one subrogation claim, whereinsaid indications are accessible by each of said plurality of potentialbidders over said network; receiving at the processor via said networkone or more bids for the at least one subrogation claim from at leastone of said potential bidders; notifying by the processor via saidnetwork one of said at least one potential bidders of acceptance of oneof said received bids when said bid satisfies predetermined criteria;and storing by the processor data indicative of said accepted bid in amemory device.
 2. The computer-implemented method of claim 1, furthercomprising dynamically adjusting said market value based on one or morefactors.
 3. The computer-implemented method of claim 1, furthercomprising: determining that the available volume of subrogation claimsis greater than a need of the at least one of said potential bidders;determining whether the available volume of subrogation claims can bedivided into smaller volumes; and responsive to determining that theavailable volume of subrogation claims cannot be divided into smallervolumes, initiating a notification to the seller.
 4. Thecomputer-implemented method of claim 1, further comprising determiningthe market value, the determining the market value comprising: accessinghistorical data of sales of subrogation claims; determining an assetunit value based on said historical data; and formulating said marketvalue based on said asset unit value and a number of said subrogationclaims available.
 5. The computer-implemented method of claim 4 whereinsaid asset unit value is determined as a weighted average.
 6. Thecomputer-implemented method of claim 5 wherein the weighted average isdetermined in accordance with one or more factors selected from thegroup comprising: number of subrogation claims, duration of sale, anddate of sale.
 7. The computer-implemented method of claim 1, furthercomprising notifying at least one of said potential bidders of theavailability of said at least one subrogation claim.
 8. Thecomputer-implemented method of claim 1, further comprising: determiningwhether there are sufficient claims or assets to meet a need of the atleast one of said potential bidders; responsive to determining thatthere are not sufficient subrogation claims to meet the need of the atleast one of said potential bidders, determining whether an amount ofsubrogation claims is greater than the need of the at least one of saidpotential bidders; and responsive to determining that the amountsubrogation claims is not greater than the need of the at least one ofsaid potential bidders, initiating a seller notification process toinform the seller of the need of the at least one of said potentialbidders.
 9. The computer-implemented method of claim 1, furthercomprising: adjusting said market value based on one or more factors,the one or more factors including a score determined employing dataincluding: characteristics of: underlying insurance, an underlyinginsurance claim, a tortfeasor, and an insurance carrier of thetortfeasor.
 10. The computer-implemented method of claim 9, furthercomprising making the adjusted market value accessible by each of saidplurality of potential bidders.
 11. A computer system for conductingover a communication network an auction of at least one subrogationclaim, said system comprising: a processor, a memory device, a pluralityof input/output devices, and a communications medium, the processorbeing in communication with the memory device, and the plurality ofinput/output devices via the communications medium, wherein theprocessor is configured to: store an indication of the availability ofthe at least one subrogation claim for bid, wherein said indication isaccessible by each of said plurality of potential bidders over saidnetwork; determine a market value of the at least one subrogation claim;store data indicative of the determined market value, wherein saidindication is accessible by each of said plurality of potential biddersover said network; receive via said network one or more bids for the atleast one subrogation claim from at least one of said potential bidders;notify via said network one of said at least one potential bidders ofacceptance of a corresponding bid when said bid satisfies predeterminedcriteria; and store data indicative of said accepted bid in a memorydevice.
 12. The computer system of claim 11, wherein the processor isfurther configured to: adjust said market value based on one or morefactors, the factors comprising a score based on characteristics of:underlying insurance, an underlying insurance claim, a tortfeasor, andan insurance carrier of the tortfeasor.
 13. The computer system of claim12, wherein the processor is further configured to make the adjustedmarket value accessible by each of said plurality of potential bidders.14. The computer system of claim 11, wherein the processor is furtherconfigured to notify at least one of said potential bidders of theavailability of said at least one subrogation claim.
 15. The computersystem of claim 11, wherein the processor is further configured to grouplike claims from a plurality of sellers.
 16. A computer-readable mediumhaving a plurality of instructions thereon which, when executed by aprocessor, cause the processor to: store at a hardware server connectedto a computer network data indicative of the availability of at leastone subrogation claim for bid and data indicative of the market value ofthe at least one subrogation claim, wherein said indications areaccessible by each of a plurality of potential bidders over saidnetwork; receive via said network one or more bids for the at least onesubrogation claim from at least one of said potential bidders; notifyvia said network one of said at least one potential bidders ofacceptance of one of said received bids when said bid satisfiespredetermined criteria; and store data indicative of said accepted bidin a memory device.
 17. The computer-readable medium of claim 16,wherein the instructions further cause the processor to: access themarket value prior to storing the indication of the market value. 18.The computer-readable medium of claim 16, wherein the instructionsfurther cause the processor to determine the market value prior tostoring the indication of the market value.
 19. The computer-readablemedium of claim 16, wherein the instructions further cause the processorto adjust said market value based on one or more factors, the factorscomprising a score based on characteristics of: underlying insurance, anunderlying insurance claim, a tortfeasor, and an insurance carrier ofthe tortfeasor, and to make the adjusted market value available.
 20. Thecomputer-readable medium of claim 16, wherein the instructions furthercause the processor to notify at least one of said potential bidders ofthe availability and the market value of said at least one subrogationclaim.